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CVS Pharmacy, Plymouth, MN

CVS Pharmacy

Plymouth, MN

Price $9,098,000
Cap Rate 5.00%
NOI $454,891
Lease Term 25 Years
Lease Type Absolute NNN, with Tenant Responsible for all Taxes, Insurance, Utilities, and Maintenance
Rental Increases 5% Rental Increases in Year 11, Year 21, and at the Beginning of Each Option Period
Year Built 2019
Building Size 9,656 SF
Lot Size 1.52 Acres (66,348 SF)
Status Available
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

RARE ABSOLUTE NNN LEASE TO NATIONAL TENANT WITH STRONG FINANCIALS
» New 25-year absolute NNN lease to investment grade tenant
» Rare rental increases during initial term and option periods, providing a hedge against inflation
» No landlord management, ideal for an out-of-area investor
» CVS is rated “BBB” by Standard & Poor’s and ranked seventh on the Fortune 500
» CVS is the largest retailer of prescription drugs in the U.S.
» Record revenue of $184.8 billion in 2017
» CVS and its affiliates operate over 9,846 locations across the United States

HIGH-TRAFFIC LOCATION AT SIGNALIZED HARD CORNER
» Excellent visibility and access to 32,800 vehicles per day at the signalized intersection of County Road 6 and County Road 101
» Convenient access to several major transportation corridors, including Interstate494 (108,000 AADT), U.S. Highway 12 (48,000 AADT), and Highway 55 (34,000 AADT)

AFFLUENT DEMOGRAPHICS
» Extremely high average household incomes of $143,364 within one mile, $138,979 within three miles, and $146,188 within five miles
» Plymouth is one of the most affluent suburbs of Minneapolis, with a median household income of $88,378, compared to $52,611 for Minneapolis and $63,217 for the state of Minnesota
» Hennepin County is the wealthiest county in Minnesota and one of the 100 highest-income counties in the United States

NEW 2019 CONSTRUCTION WITH PRESCRIPTION DRIVE-THRU
» High-quality construction scheduled to be completed in 2019
» New building, limiting near-term deferred maintenance or capital costs
» Features prescription drive-thru, providing additional customer convenience

Click Here to Download Offering Memorandum


Property Description

The property is conveniently located at the signalized hard corner of County Road 6 and County Road 101, with excellent visibility and access to 32,800 vehicles per day directly in front of the property. County Road 6 and County Road 101 provide convenient access to several major transportation corridors, including Interstate 494 (108,000 AADT), U.S. Highway 12 (48,000 AADT), and Highway 55 (34,000 AADT). The property is located in a neighborhood retail cluster, and notable tenants in area include Snap Fitness, Caribou Coffee, Great Clips, Subway, and more. Several large shopping centers are located within a short distance of the property, including Ridgedale Center, an upscale mall anchored by Nordstrom, Sears, JCPenney, and Macy’s.

The property benefits from a strong customer base in the surrounding area. The property is directly across from Wayzata Oakwood Elementary School, which has a total enrollment of 575 students. The property is also just over two miles from downtown Plymouth and is located near several large business parks. In total, 114,362 daytime employees work within a five-mile radius of the property. The property is also surrounded by residential neighborhoods, with a population of 107,103 within a five-mile radius. Additionally, the property is further supported by the area’s affluent demographics; the area boasts extremely high average household incomes of $143,364 within one mile, $138,979 within three miles, and $146,188 within five miles of the property.More Information Coming Soon

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